台灣ODM網路通訊業的規模從2000年開始急速成長，以正文科技為例，2000年年營收為5億新台幣，在2004年已經達到123億新台幣，年平均成長率達到125%，然而接下來四年的平均年營收成長率僅約15%。近年來電信業者不斷地將其所佈建的網路系統深入一般終端消費者，使得終端零售市場逐漸萎縮，迫使台灣ODM網路通訊業必須轉進電信市場。電信市場是以國家為單位，且在部分國家針對進口的電子商品課徵較高的關稅，藉以保護該國國內的廠商，使得台灣業者處於相對不利的態勢。本研究先針對電信市場進行分析，找出對進口電子商品課徵高額關稅且較具規模的電信市場，並以此探討台灣ODM網路通信公司面對這樣的市場，所應採取的策略，是透過內部成長，直接在巴西當地設立加工廠，還是透過外部併購，併購當地廠商，藉以取得當地生產的能力。本研究選擇的廠商為正文科技，選擇的市場是巴西，藉由法律可行性的分析，探討國內及巴西當地法律對於內部成長與外部併購兩種可行方案的差異；藉由財務可行性的分析，依據公司自由現金流量(FCFF)的觀念，透過DePamphilis (2009)的Discounted Cash Flow Valuation (DCF)定價模型，分別計算正文科技在做出兩種可行方案決策後的市場評估價值。研究結果建議正文科技應以外部併購的方式，透過併購當地企業，進入該市場。 / The Taiwan ODM network companies took a growth rapidly since 2000. The annual revenue of Gemtek Technical Co. in 2000 is only 500 millions NTD, and 12.3 billions NTD in 2004.The average growth rate of annual revenue was up to 125% during these 4 years. However, in the next 4 years it was only around 15%. During the previous years, the telecom service providers went deeper and closer to the end user market and coused the shrinking in retail market.This also forces the Taiwan ODM network companies to consider the telecom market. However, the telecom market is country oriented, and in some countries, they would charge higher custom rate to protect their local industry.First of all, this research will figure out what are the markets with this behavior and what is the solution to enter these markets, by building a factory in the local side or through M&A to get the production capability.This research takes Gemtek Co. and Brasil as an example to discuss in both laws and financial points of view. From the laws point of view, try to figure out the difference the two possibile solutions.From the finance point of view, according to the FCFF concept and the DCF model by DePamphilis (2009), calculate the price of Gemtek company after making the decision with the two solutions. According to the result, it should go in M&A way.

In my graduation theses I deal with determining value of Třinecké železárny, a.s. by means of method DCF with use of FCFF and method EVA. This thesis contains strategic (analysis of a business environment and SWOT analysis) and financial analysis which presenting the base for creating the financial plan. Afterwards we can use this instrument for calculating cash flow and economic value added which are essential to valuating process.

Firm valuation by using DCF FCFF method. Macro-economic analysis, financial analysis, strategy analysis of firm, drawing up a financial plan. Software Stratex v. 5.2.04 and Evalent v. 3.6.01.

The point of this diploma work is an estimation of EVRAZ VÍTKOVICE STEEL, a.s. value through using an approach of DCF valuation model that works with FCFF cash flow. The estimation of the value is based on a strategic analysis - that analyses macro and micro environment of the company and a SWOT analysis. That was followed by a financial analysis which examined a financial health of the company and in conjunction with the strategic analysis created a base for a financial plan which is necessary for the valuation when DCF methods are applied. By the financial plan there were estimated cash flows for three future years and after that the estimation of the value was determined by application of the DCF model.

The graduation thesis is focused on the determination of the market value of the company. The theoretic part describes the methodology procedure - strategic analysis,financial analysis, financial plan and pricing methods (DCF).The practical part presents the application of methods. The goal is the setting of the market value.

The aim of this diploma thesis is to estimate the market value of the company Plzeňský Prazdroj, Inc. at 20th April 2010 in order to sell the company to an unknown investor.In the theoretical part of the thesis are defined reasons, methods and procedures of valuation of the company. In the second part there is described the company and economic situation in the Czech Republic and in the World. This part is followed by a strategic analysis, financial analysis and construction of the financial plan for the years 2009 - 2012. At the end of the thesis is carried out the valuation of the company by method free cash flow for the firm. The resulting value is compared with a book value of the firm.

The diploma thesis focuses on the business valuation. The goal of this thesis is to appraise the market value of the Blatenská ryba, spol. s r.o. company for its owners. The thesis has two parts -- theoretical and practical sections. Necessary theoretical basis is described in the theoretical section and then the presented tools are applied in the practical section. Within the business valuation, there are introduced a strategic analysis and a financial analysis to identify critical factors which can influence the value of the chosen company. After this value generators are prognosticated and a financial plan is compiled. The method of discounted free cash flow to the firm (FCFF) is applied for the valuation of the Blatenská ryba, spol. s r.o. company.

The diploma thesis is dealing with the valuation of the Compaq FARMAK, a.s. and it is created for potential investors. The company evaluation refers to December 4, 2013. The beginning of the thesis is related to the theoretical part, where methods used in the practical part are described. In the first instance, there is financial analysis of financial statements performed. The analysis has three elements -- vertical analysis, horizontal analysis and ratio analysis. Then the strategic analysis is performed with its analysis of micro and macro environment. Then financial plan was planned based on previous analyses and prognosis of value generators. The valuation of the company is using yield method of discounted free cash flow. -- FCFF and then the value is compared with the accounting value of the company.

The aim of this thesis is the valuation of the company Pegas Nonwovens SA and estimates a fair market value of the share price. The thesis was split into two parts. The theoretical part describes all methods and fundamentals used in the practical part. The practical part starts with a strategic and a financial analysis that evaluate the current situation of the company and identifies main drivers of the equity value. Introduction of key value drivers provides a baseline for the financial plan and the CF projection and it is followed by the final valuation with discounted cash flow model using FCFF. In addition, comparable companies multiples are used as a supplementary valuation method and in the end the thesis also provides an investment recommendation.

The goal of this Masters Thesis is to estimate the value of CZC.cz s.r.o. as of 31.12.2016. The goal of estimating the firm value is to evaluate its current financial health based on historical data, which are primarily gathered from the firm annual reports and other official sources. The next step after evaluating the firm current health is to model future financial results based on expert predictions to find out what economic value will the firm bring to its owners, or what is the price for investor to pay for gaining control over the firm. The Thesis contains of two parts: theoretical part and practical part. Theoretical part explains terms, methods and instruments used in evaluation process. Practical part consits the results of analysis and comments, and the result of estimating the firm value based on Discounted Free Cash Flow method. The Thesis ends with conclusion, which summarizes the results of analysis and valuation.